Important tax news for owners of Oklahoma S corps and partnerships

On April 29th, 2019 Oklahoma Governor Stitt signed the Pass-Through Entity Tax Equity Act of 2019. The Act allows pass-through entities (PTEs) to elect to pay Oklahoma income tax on its earnings.  The Owner/Shareholders of these entities then exclude the Oklahoma source PTE income from their individual Oklahoma income tax returns. The good news: The […]

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IRA, Simple IRA, SEP, and 401k Contribution Limits for 2019

2019 2018 2017 IRAs IRA Contribution Limit $6,000 $5,500 $5,500 IRA Catch-Up Contributions 1,000 1,000 1,000 IRA AGI Deduction Phase-out Starting at Joint Return 103,000 101,000 99,000 Single or Head of Household 64,000 63,000 62,000 SEP SEP Minimum Compensation 600 600 600 SEP Maximum Contribution 56,000 55,000 54,000 SEP Maximum Compensation 280,000 275,000 270,000 SIMPLE […]

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